Bitcoin’s Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why
2024年10月12日 - 10:30AM
NEWSBTC
Peter Brandt, a well-known veteran in the trading community,
recently took to X to share a concerning outlook on Bitcoin price
trajectory. Brandt’s warning comes amid a relatively stagnant
performance by the leading crypto, failing to produce any decisive
moves toward new all-time highs in recent months. Brand pointed out
a historical pattern that could signal a 75% drop for Bitcoin.
Related Reading: Bitcoin’s Puell Multiple Signals A Bullish Surge:
Could A New ATH Be Near? Reason Why A 75% Plunge Could Be Looming
In his post, Peter Brandt pointed out that Bitcoin has been moving
sideways for 30 weeks since its last all-time high (ATH). He
referenced historical patterns, explaining that when Bitcoin fails
to make a new ATH within this time frame, it typically experiences
a decline of over 75%. Brandt emphasized the importance of Bitcoin
breaking out soon, suggesting that a significant drop might follow
if it doesn’t. He also mentioned that markets that don’t show
upward momentum often struggle to do so. Hey Bitcoiners Are you
familiar with the concept of “market analogs?” Here is something to
think about It has been 30 weeks since $BTC made an ATH Whenever
has not made a decisive new ATH within this time length a 75%+
decline has occurred pic.twitter.com/CUyK4C2W93 — Peter Brandt
(@PeterLBrandt) October 11, 2024 However, he made it clear that
this was an observation based on historical data rather than a
prediction or personal opinion, noting: I am always amused by
people who confuse a market observation with a market opinion.
Drivers who cannot turn their heads in both directions always end
up in an accident. Bitcoin Performance And Fundamental Analysis
Despite Brandt’s cautionary note, Bitcoin has regained ground after
briefly dipping below $60,000. Today, Bitcoin is trading at
$62,172, up 2.8% in the past 24 hours after touching a low of
$58,982 yesterday. While some traders remain hopeful that Bitcoin
will continue its upward trajectory, others are growing concerned
about potential volatility, especially given the historical
patterns that Brandt has outlined. Data from the CryptoQuant
platform further supports the notion of potential downside
pressure. According to a recent analysis, BTC’s “Coinbase Premium
Gap” has reached its lowest level since August, signaling a wave of
selling activity. The Coinbase Premium Gap measures the difference
between Bitcoin’s price on Coinbase (a US-based exchange) and other
global exchanges. Related Reading: Bitcoin’s Path To $80,000
“Melt-Up” In Q4 2024 – Details Inside A positive premium typically
indicates strong buying pressure from US investors, while a
negative premium can reflect waning demand. The current negative
premium could suggest that institutional interest in Bitcoin is
declining, adding weight to Brandt’s observation that Bitcoin might
be on the brink of a major correction. Featured image created with
DALL-E, Chart from TradingView
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 10 2024 まで 11 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 11 2023 まで 11 2024